OSLO, May 27- Norway's $900 billion sovereign wealth fund, the world's largest, should cut its exposure to the global coal industry and sell stakes in firms that focus on the sector, a key parliamentary committee said on Wednesday. Already under pressure from Norway's political establishment, the fund has been selling down its coal portfolio and said its...» Read More
NEW YORK-- Wendy's pigtails are getting a tweak. It's only the fifth logo update since founder Dave Thomas opened the first Wendy's in 1969, and perhaps the most significant. Wendy's push has intensified since Brolick came on as CEO about a year ago.
Japan's finance minister Koriki Jojima told finance chiefs and central bank governors of the Group of Seven industrialized nations on Thursday that Japan will extend new Japanese yen loans and as earlier agreed with Myanmar will move ahead next year with clearing its sizable outstanding debt to Tokyo.
Though S&P's warning may nudge the Spanish government to make a bailout request sooner rather than later, rival agency Moody's has indicated it may cut its rating for Spain in the event of a bailout request. "It would appear that when it comes to the rating Spain is a bit between a rock and a hard place," said Gary Jenkins, managing director of Swordfish Research.
CAMPBELL, Calif.-- Online real estate company Move Inc. has purchased Relocation.com for $11.5 million in cash in order to strengthen its offerings and moving services. Move Inc. shares closed at $8.37 per share on Wednesday. Its shares are down 17 percent from their 52- week high of $10.06 set on March 26.
THE WOODLANDS, Texas-- Investigators say a man with an assault rifle has robbed a Houston- area Tiffany& Co. store and fled with some expensive jewelry. The Montgomery County Sheriff's Office on Thursday worked to identify the suspect, whose image has been captured on store surveillance video.
NEW YORK-- Shutterstock, a provider of stock photos and other images, has raised $76.5 million in its initial public offering. The company said Thursday that it priced its IPO of 4.5 million shares at $17 per share. Shutterstock Inc. is giving the underwriters a 30- day option to buy up to an additional 675,000 shares to cover any excess demand.
NEW ORLEANS-- The Coast Guard says an oil sheen near the site of the massive BP spill in the Gulf of Mexico matches oil from the 2010 disaster. The Coast Guard says its tests established the oil came from the BP well.
LONDON-- Financial markets steadied Thursday ahead of another round of U.S. corporate earnings and despite a downgrade of Spain's sovereign credit rating. Standard& Poor's downgraded Spain's government debt late Wednesday from BBB+ to BBB-, the lowest investment grade level.
LISBON, Portugal-- Efforts to restore Portugal's financial health have kept the government up all night, with the Cabinet concluding a 20 hour meeting to draft a budget for next year. The meeting ended around 5 a.m. Thursday after starting at 8 a.m. the previous day. Portugal is in recession and struggling to reduce its debt load despite a 78 billion bailout last year.
JOHANNESBURG-- Striking miners killed one man by setting him on fire Thursday while another was shot and seriously wounded in rekindled labor unrest in South Africa that saw police firing tear gas and rubber bullets. The violence near an Anglo American Platinum mine has escalated since the company dismissed 12,000 striking miners on Friday.
ATHENS, Greece-- Unemployment in Greece hit a record high of 25.1 percent in July as the country's financial crisis continues to exact its heavy toll, official figures showed Thursday. All indications are that unemployment in Greece will continue to rise.
BERLIN-- Germany's environment minister says the country must overhaul the tax financing expansion of renewable energies to keep costs in check and ensure a smooth phasing out of nuclear power by 2022..
SEATTLE-- Kristine Nannini spent her summer creating wall charts and student data sheets for her fifth grade class _ and making $24,000 online by selling those same materials to other teachers.
TOKYO-- Toyota executives were unfazed Thursday by the overnight recall of 7.43 million vehicles over faulty power window switches that can cause fires, calling it a sign the Japanese company had learned from its mistakes and was becoming quicker and more transparent.
BERLIN-- Germany's leading economic research institutes have halved their prediction for the country's growth next year, saying the financial woes of other European nations continue to weigh heavily on the bloc's largest economy.
BANGKOK-- World stock markets were mixed Thursday, with Europe posting modest gains while Asia slumped after Spain, the fourth-largest euro economy, was slapped with a two-notch credit downgrade. Britain's FTSE 100 rose 0.2 percent to 5,791.79, Germany's DAX added 0.4 percent and France's CAC-40 advanced 0.3 percent to 3,375.40.
LONDON-- Luxury fashion house Burberry PLC, which issued a profit warning last month, says retail sales growth slowed in the second quarter as demand weakened in Britain and China. The company said sales at stores open more than a year rose 1 percent in the three months to Sept. 30, compared with 6 percent in the previous quarter.
Treasury Secretary Timothy Geithner said Thursday that financial reforms and other actions in response to the global crisis are yielding results, helping the U.S. economy to grow at a pace better than there was reason to expect.
As well as citing the deepening economic recession in Spain and rising levels of social discontent, the agency said the government's hesitation in requesting help was "potentially raising the risks to Spain's rating."
Late Wednesday, Standard& Poor's cut its rating on Spain's debt by two notches to BBB-, leaving the country on the cusp of junk status. The agency argued that the government's "hesitation" in requesting help was "potentially raising the risks to Spain's rating."